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Rates & Reservations for Lenders and Realtors

Loan Reservation Process | Rate Lock Process | Rate Extension Process | Loan Reservation FAQs | Rate Lock FAQs | Rate Extension FAQs

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Loan Reservation Process

All CalHFA approved lenders have access to reserve loans through the CalHFA Mortgage Access System (MAS). Each lender has assigned an MAS Administrator within their own company to manage their employees’ access to MAS. Lenders may have different processes for assigning CalHFA log-ins, passwords, and the reserving of CalHFA loans.

Reservations with a floating rate will be accepted from 6:00 a.m. to 11:59 p.m. Pacific Time, seven days a week. Lenders must reserve loans, including all CalHFA subordinate loans, using CalHFA Mortgage Access System (MAS) prior to loan submission.

Reservations may be made after a sales contract has been executed between the buyer and seller. Approved CalHFA Lenders may reserve funds on behalf of their correspondent lenders or mortgage brokers. All loans must be reserved thru MAS by the approved lender.

For more detailed information, please review the FAQs below, or you may contact CalHFA's Secondary Marketing Unit at:

phone: 916.326.8033

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Rate Lock Process

First mortgage rate locks will only be accepted between the hours of 8:00 a.m. and 3:00 p.m. PT Monday through Friday, excluding state-recognized holidays, and days that the U.S. financial markets are closed for business.

At the time of reservation the lender will have the option to lock or float the interest rate. Only lenders with full MAS access may lock the interest rate. If loan is reserved with the float option, the reservation period is 90 days on existing/resale properties, or 120 days on new construction properties.

  • At the time of rate lock, the lender will lock the loan(s) for sixty (60) days for both existing/resale properties and new construction properties.
  • For float option only:
    • Lenders may lock the rate at any time during the reservation period if they choose the float option.
    • To lock the rate when the float option is chosen, lenders must complete the Rate Lock in MAS. To help you with the rate lock process please see Guide: Locking a Rate
      • Rate Locks will only be available for loans at a status 120 (New Reservation) through 440 (Notice of Commitment)
    • Rate lock expiration date will supersede the reservation expiration date.
  • All loans must be funded, delivered and purchased by CalHFA’s master servicer, prior to rate lock expiration.
  • Files should be received by the master servicer by the 45th day or earlier, to ensure time to clear conditions and purchase prior to rate lock expiration
  • If the rate lock is cancelled for any reason lender may not re-reserve/rate lock a new loan for the same borrower and property until sixty (60) days from the current cancelled loan's expiration date.

CalHFA subordinate loans reserved with a CalHFA first mortgage

  • All subordinate loan(s) will receive the same reservation, lock and purchase periods as the CalHFA first mortgage. All subordinate loans must be delivered and purchased by CalHFA prior to the rate lock expiration. 
  • Subordinate loans should be submitted to CalHFA at the same time the first mortgage is submitted to the master servicer to ensure time to clear conditions and purchase prior to rate lock expiration.

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Rate Extension Process

Lenders must request a rate lock extension via email from CalHFA’s Secondary Marketing Unit prior to the rate lock expiration date.

  • CalHFA offers extensions in 15 day increments up to a maximum of 120 days total from the original expiration date.
  • The fees for all first mortgage loans will be net funded at the time of purchase by our master servicer.
    • This fee may be charged to the borrower(s) or seller(s). Lenders must follow TRID fee requirements, refer to your compliance department for how to disclose this fee
  • Rate locks for subordinate loans reserved with a CalHFA first mortgage are automatically extended when the first mortgage is extended.
  • The fees for all subordinate loans will be net funded at the time of purchase by CalHFA.
  • All subordinate loan extensions are subject to the following:
    • New Preliminary Title Report/Property Profile showing no additional recorded loans since loan closing
    • Lender, not the borrower, shall pay for all costs associated with the Subordinate loan extension, including the extension fee and any cost for a new Preliminary Title Report
    • The first mortgage payment history showing the loan as current with no past delinquencies
  • If a rate locked loan is cancelled for any reason lender may not re-reserve/rate lock a new loan for the same borrower and property until sixty (60) days from the current cancelled loan's expiration date
  • Under no circumstances will CalHFA extend a rate lock period longer than 120 days from the original expiration date, for both existing/resale properties and new construction properties
    • CalHFA loans will not be purchased for any reason after the 120-day extension period expires

All expired CalHFA first mortgage loans and their associated subordinate loans, which have been submitted to CalHFA, will receive an automatic 30-day extension at a cost (if applicable).

Please note that CalHFA will only charge extension fees on loans that have not been purchased by either CalHFA and/or the master servicer.

First mortgage extensions will be in 15-day increments at a cost of 0.1500% for each increment

Subordinate loan extensions:

  • First 60 days: no cost
  • Day 61 - 90: 15-day increments at $250 for each increment
  • Day 91 – 120: 15-day increments at $1,000 for each increment
Total due at each extension period:
First Mortgage
15 days
30 days
45 days
60 days
75 days
90 days
105 days
120 days

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Loan Reservation FAQs

Do I need to make a reservation in the Mortgage Access System (MAS) before submitting a loan file to CalHFA?

Who should I contact to reserve my CalHFA loan?

When can I reserve my loan in MAS?

Can I reserve my loan before my borrower goes into contract?

What if the borrower changes properties? Can I cancel the existing reservation and re-reserve the loan?

If I need to make changes to my reservation after it has been registered in MAS do I need to cancel the reservation and re-reserve?

If my reservation is not rate locked, can I cancel my floating reservation and re-reserve?

My borrower had a loan reservation with another lender, but now they want to go through me. Can I reserve the loan?

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Rate Lock FAQs

How do I lock my interest rate?

Why is my "Lock Rate" button greyed out?

During what hours may I lock my loan?

The rate locked loan was cancelled by mistake. Can I reinstate my cancelled loan?

What if the borrower changes properties? Can I cancel the existing rate locked reservation and re-reserve the loan?

Is there a fee to cancel a reservation with either a rate lock or floating interest rate?

How do I print a duplicate Rate Lock Confirmation?

I locked my loan under the wrong program how do I change the program in MAS?

I locked my loan for 60-days but I really need 90-days.

Can I permanently buy down the interest rate on my loan?

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Rate Extension FAQs

How do I request an extension?

How many days can I extend my loan?

My first mortgage has been purchased by CalHFA's master servicer; however, the subordinates are still suspended/declined. Can I extend my subordinate loans only?

My first mortgage has outstanding exceptions with the master servicer and I need to extend the rate; however, the subordinate loans are a status 527 in the MAS system (approved pending purchase by master servicer). Will I need to extend the subordinate loans too?

If I do not request an extension and my first mortgage and associated subordinate loans have expired what will happen to my rate?

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Scenario CalculatorLoan Scenario Calculator

The Scenario Calculator helps you compare CalHFA loans to determine what loan scenario works best for your client.

File Review Status

Updated 8/17/2018


News & Updates

Dates for August Lender Training have been posted

Program Bulletin #2018-16 - New, Simplified CalHFA Borrower's Affidavit and Certification

Program Bulletin #2018-15 - CalHFA Conventional Loan Programs to Allow Manufactured Housing

Program Bulletin #2018-14 - CalHFA to Implement Fannie Mae's 3.2 File Format in MAS

Enews announcements can be found on our Archived Page

Suspense Inquiries

For suspense items, refer to our MAS

Files in suspense status will only be reviewed once all suspense items are uploaded into MAS. Files are reviewed in date order and are given a rush review.

Tips for Doc Draw & Closing:

Did You

Lenders receive a 1% Service Release Premium in addition to the origination fee on all CalHFA first mortgages!

Sacramento Headquarters
500 Capitol Mall, Ste. 1400
Sacramento, CA 95814
877.9.CalHFA (877.922.5432)
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